Arete Wealth, a broker/dealer and investment advisory firm based in Chicago, has added HudsonPoint Capital to its branch network. The HudsonPoint team, based in Jersey City, NJ, is joined by B. Riley Wealth Management.
This follows recent news that B. Riley Financial to sell part of its wealth management business at Stifel Financial Corp. for more than $35 million in cash.
HudsonPoint was founded by Managing Partner Russ Zalatimo in 2005. The team has been with B. Riley ever since have bought out their previous broker/dealerPapers of National Value, in 2021.
HudsonPoint specializes in providing access to alternative investments for its high net worth clients, with a particular focus on market neutral strategies. This played a large role in the firm's decision to move to Arete, which also has expertise in alternatives. The move will expand its access to alternatives such as pre-IPO stocks, private equity, hedge funds, private credit, real estate, energy and more.
“With our commitment to minimize clients' reliance on conventional stock market products, Arete's strong network and specialized expertise will further empower us to provide tailored financial solutions that match the distinctive goals of our advisors and clients.” the same,” Zalatimo said in a statement. .
“This partnership underscores our shared commitment to providing high-net-worth clients with access to alternative investment opportunities,” said Joshua Rogers, founder and CEO of Arete Wealth, in a statement.
Arete Wealth was founded in 2007. As of the end of August, the firm had approximately $6.1 billion in assets under management and 230 wealth advisors in more than 50 offices across the country.
Several B. Riley teams have jumped on the news of the sale of the wealth management division. Last month, Kestra Financial, the independent broker/subsidiary of Kestra Holdings Added Financial Empowerment Strategiesa team based in Boca Raton, Fla. managing $1.4 billion in client assets from B. Riley Wealth Management.